Semtech (NASDAQ:SMTC) Price Target Raised to $85.00

Semtech (NASDAQ:SMTC) had its price objective lifted by B. Riley from $61.00 to $85.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the semiconductor company’s stock.

SMTC has been the subject of several other reports. Susquehanna lifted their price target on shares of Semtech from $55.00 to $60.00 and gave the company a “positive” rating in a research note on Thursday, November 21st. Roth Mkm boosted their target price on Semtech from $50.00 to $60.00 and gave the company a “buy” rating in a research report on Monday. Piper Sandler reaffirmed an “overweight” rating and set a $75.00 price target (up from $60.00) on shares of Semtech in a research note on Tuesday. Needham & Company LLC reissued a “buy” rating and issued a $70.00 price objective (up previously from $50.00) on shares of Semtech in a research note on Tuesday. Finally, Craig Hallum upped their target price on Semtech from $48.00 to $70.00 and gave the stock a “buy” rating in a research report on Tuesday. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.70.

Semtech Price Performance

Shares of NASDAQ:SMTC opened at $64.20 on Tuesday. Semtech has a 1 year low of $15.63 and a 1 year high of $66.64. The business’s 50-day moving average is $46.64 and its 200-day moving average is $39.30. The company has a market capitalization of $4.83 billion, a price-to-earnings ratio of -4.74 and a beta of 1.54.

Semtech (NASDAQ:SMTC) last issued its quarterly earnings results on Monday, November 25th. The semiconductor company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.03. The firm had revenue of $236.80 million for the quarter, compared to analyst estimates of $232.89 million. Semtech had a negative return on equity of 154.99% and a negative net margin of 99.08%. The company’s revenue was up 17.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.02 earnings per share. Analysts anticipate that Semtech will post -0.07 EPS for the current year.

Institutional Trading of Semtech

Institutional investors and hedge funds have recently made changes to their positions in the company. Disciplined Growth Investors Inc. MN grew its position in Semtech by 343.3% in the 2nd quarter. Disciplined Growth Investors Inc. MN now owns 2,494,985 shares of the semiconductor company’s stock worth $74,550,000 after purchasing an additional 1,932,116 shares in the last quarter. Driehaus Capital Management LLC purchased a new position in shares of Semtech in the 2nd quarter worth approximately $43,395,000. Millennium Management LLC boosted its stake in shares of Semtech by 26.6% in the 2nd quarter. Millennium Management LLC now owns 3,646,449 shares of the semiconductor company’s stock worth $108,956,000 after buying an additional 765,877 shares during the last quarter. Whale Rock Capital Management LLC bought a new position in shares of Semtech in the third quarter valued at approximately $32,126,000. Finally, Clearline Capital LP increased its position in shares of Semtech by 143.1% during the second quarter. Clearline Capital LP now owns 899,021 shares of the semiconductor company’s stock valued at $26,863,000 after acquiring an additional 529,194 shares during the last quarter.

About Semtech

Semtech Corporation designs, develops, manufactures, and markets analog and mixed-signal semiconductor and advanced algorithms. It provides signal integrity products, including a portfolio of optical data communications and video transport products used in various infrastructure, and industrial applications; a portfolio of integrated circuits for data centers, enterprise networks, passive optical networks, wireless base station optical transceivers, and high-speed interface applications; and video products for broadcast applications, as well as video-over-IP technology for professional audio video applications.